Around the World U.S. is on a collision course with a double-dip recession, economist Stephen Roach warns July 24, 2020 Stephanie Landsman Economist Stephen Roach warns V-shaped recovery mania on Wall Street is leading investors astray. According to Roach, the U.S. is Read more
Around the World UK watchdog asks big 4 to separate audit practices July 7, 2020July 7, 2020 Bloomberg The UK dominant accounting firms must separate their audit units from other businesses by June 2024 as the country’s accounting watchdog reacts to shortcomings that Read more
Around the World US trade deficit rises 9.7% in May to $54.6 billion July 3, 2020July 3, 2020 PTI The US trade deficit rose for the third straight month in May. Both exports and imports fell as the coronavirus outbreak continued to take a toll on world commerce. Read more
Around the World Credit card industry reins in balance-transfer offers as banks from JPMorgan to Amex fear defaults July 1, 2020July 1, 2020 Hugh Son Banks have pulled back from a popular credit card promotion on concerns that borrowers struggling during the coronavirus crisis may leave them with defaulting loans. Read more
Around the World Chesapeake Energy, a pioneer in the U.S. shale revolution, files for bankruptcy protection June 29, 2020June 29, 2020 Pippa Stevens, Brian Sullivan Chesapeake Energy, the poster child of the U.S. shale revolution, filed for bankruptcy protection on Sunday. The move comes as the company and industry more broadly has been rocked Read more
Around the World Small businesses expect to fail. Here’s what will happen to their PPP loans. June 25, 2020June 25, 2020 Greg Lacurci Millions of small businesses have gotten federal aid to help weather the recession caused by the coronavirus pandemic. Read more
Around the World Private survey of Chinese businesses predicts economy could contract this year June 24, 2020June 24, 2020 Evelyn Cheng An independent survey of more than 3,300 businesses in the country by U.S.-based China Beige Book found that for the second quarter, recovery from the first quarter’s decline is minimal, Read more
Around the World U.S. banks are ‘swimming in money’ as deposits increase by $2 trillion amid the coronavirus June 22, 2020June 22, 2020 Hugh Son A record $2 trillion surge in cash hit the deposit accounts of U.S. banks since the coronavirus first struck the U.S. in January, according to FDIC data. Read more
Around the World Digital bank Current sees ‘insane’ growth during pandemic as essential workers sign up for accounts June 19, 2020June 19, 2020 Hugh Son Digital banks like Chime and Square’s Cash App have added millions of users by offering streamlined, mobile-first accounts without the pesky fees associated with brick-and-mortar banks. Read more
Around the World Oil prices fall on demand concerns as coronavirus cases rise June 18, 2020June 18, 2020 Reuters Oil prices fell around 2% on Thursday as a spike in new coronavirus cases in China and the United States renewed fears that people would stay home, stalling a recovery in fuel demand even as lockdowns ease. Read more